Clients using portfolio monitoring can now view and search by entity token and external ID in the portfolio evaluations shortlist. To view the shortlist, navigate to the Evaluations page, toggle to the Portfolio tab, and select your chosen workflow. In the Portfolio Evaluation, you’ll now be able to see ‘Entity Token’ and ‘External Entity ID’ associated with each entity and be able to filter using these identifiers using the search bar.

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Clients on Journeys can streamline document collection with Alloy’s Multi-Document Collection SDK Plugin. This new user experience will primarily benefit financial institutions in the UK who are onboarding new customers that require additional due diligence, as well as financial institutions with underwriting policies requiring conditional document verification. 

When an end customer submits an application for a new digital financial product, clients will be able to deploy an interface to collect multiple documents as part of the application. In the interface, end customers will see a summary of the required documents to prepare for upload and view progress of their document uploads. Clients will be able to collect as many documents as required within a single user interface.

In addition, clients will be able to set conditions for when to collect documents based on the applicant’s evaluation outcome and customize the document collection landing page accordingly.

More visibility into Data Sources for easier data error troubleshooting.

A data product that is included in multiple nodes of a workflow will be listed multiple times under Data Sources. This reflects the response from the data product at each distinct workflow node.

For workflows running the same data product at multiple nodes, it is recommended to rename the data product on each workflow node (e.g. ID Analytics 1, ID Analytics 2) to make it clear which response is associated with which node.

Clients using portfolio workflows to run routine compliance and fraud checks now have the ability to select their entire entity base and look at each entity's transaction history with each counterparty they transacted with, in order to make a determination of whether or not an entity warrants further investigation.

By using the rule format “For each entity, for each counterparty that they've transacted with, if the sum of transactions over the last X days is > Y then…”, clients can shortlist entities in portfolio workflows using counterparty filters and have the records of the specific entity counterparties that violated the ruleset.

To set this up, please reach out to your Alloy representative.

US clients using Equifax services as part of their credit decisioning will benefit from new enhancements in the Credit Panel which will now surface additional derogatory information from credit reports. This information helps provide insights into the creditworthiness of your borrowers so your teams can make more informed decisions.

Agents can now access more information in the Collections and Tax Lien Derogatory Information within the Credit Panel including: the number of derogatory occurrences for an entity, the lien/collection amount, associated dates, and any payments from the borrower. Previously, this information would have only been accessible in the raw response from the bureau. 

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Alloy users setting up multi-factor authentication (MFA) for their account will be able to choose between setting it up via a Timed One Time Password (TOTP) or via SMS (for US numbers only).

As a reminder, the MFA set-up screen will be triggered during user login in the following scenarios:

• If an account currently requires MFA: users within that account that do not already have MFA set up will be prompted to set up TOTP or SMS the next time they log in. (Users that have already set up MFA will not need to take any action.)
• If an account currently does not require MFA but then turns on this requirement for their users: users within that account will then be prompted to set up MFA - either TOTP or SMS - the next time they log in.
• If an account’s users currently has MFA set up as SMS: their account administrator can reset it so the next time they log in, users within that account have the option to set up MFA as TOTP.

When logging into Alloy, users can set up TOTP by scanning a QR code on the screen with their authenticator app. After entering in a one-time code provided by their authenticator app, MFA will be successfully enabled for all future logins.

Clients utilizing portfolio workflows as part of their decisioning will now be able to benefit from enhanced rule context in their review experiences. Agents will now have more visibility into why a particular outcome was reached, how rules were applied and what the results of those rules were.

Clients that partner with fintechs to deliver embedded finance products can request complimentary view-only Audit Access of their fintechs’ Evaluations, Entities, Workflows, and Journeys through a Parent Auditor account. This streamlines the way that sponsor banks / EMIs and fintech partners work together and share information about their compliance policies and decisioning within Alloy.

Through the Parent Auditor-Child account structure:

• Evaluations, Entities, and Applications across their fintech portfolio are available to the Parent Auditor through an aggregated view in the Alloy Dashboard.
• Workflows and Journeys across their fintech portfolio are visible to the Parent Auditor at the Child account level.

To get Audit Access, please reach out to your Alloy representative. Learn more about Alloy for Embedded Finance (AFEF) through our February 29, 2024 change log.